Pages

Wednesday, October 5, 2011

WIP Wednesday: It's a Business

This year, I'm going to pay income tax on my writing earnings for the first time in my life. Taxes are scary.

This means several things:

I've made enough income from a single source that the IRS will come find me if I don't.

I can legitimately "write off" the home office as a business expense.

I need to start running my affairs as a business.

So what, exactly, does #3 entail?

When I started writing, I wasn't sure what, exactly, I was doing. My prose lacked and my business skills were none-existent. I've improved (a little) on the writing front. The only sure way to write better is to write more.

But this business thing?

Discussing money is a rather taboo subject, but money is at the core of a business. Last month, between formatting jobs, e-book sales, short story payments, and royalties from my publishers, I added over $500 to the family coffer. I'd be thrilled if I could do this on a consistent basis, but most of these "revenue sources" are variable.

And variable is scary.

I want my wife to be able to work part-time (she wants it, too). She can bring home about half of her current salary working part-time as a therapist (counselor). If I can crank my earnings from the writing/formatting "business" to about a grand a month, we can make it work. I'm heading that direction. But her counseling business is variable, and so is the writing.

And variable is scary.

I've been writing longer than I have treated it as a business. Businesses have plans. I need a plan.

My heart wants to write another book right now. My business manager tells me to get to work revising and editing In the Memory House so I can make a release date in December. Heart and business manager need to compromise.

Milo - I'm not sure the exact figure, but I do know it matters where it comes from ($20 from 100 sources reads a lot differently than $2000 from one...especially if those 100 sources don't the payment to the IRS).

Barry - I guess that's what I'm doing. Baby steps. Best of luck with The Bleeding Room.

Tony - I like my day job (at least the regular paychecks).

Daniel - Thanks for the reference. I suppose there's room in the "house" for the heart and mind.